Great post @sorin.cristescu. What Crypto in general needs is better interoperability between coins/tokens and when interfacing with the legacy fiat systems.
For instance, services such as crypto.com and nexo.io offer loans and credit cards based on crypto holdings, which then can be used to purchase goods and services or be deposited as fiat into a bank account within 1-2 days. That is HUGE!!!
And other services like PundiX offer a point of sale system for merchants to accept crypto. Their terminals are being shipped globally and are already being used.
The more near frictionless options people have to use their crypto to boost their local economies, the better.
Now, if Steem would have a credit card/loan platform for Steem/SBD to fiat platform, I think that Steem would easily get to be in the top 10 cryptos on coinmarketcap.com. This is something that the community can pull off in my opinion. Maybe @blocktrades and others are already working on something like this. The easier option is to get Steem listed as an accepted collateral coin on nexo.io and other similar services.
Whether that is indeed "huge" ... is debatable at best ... Many companies have sprung up to offer fiat loans collateralized by crypto holdings.
These are absolutely TERRIBLE when the price of crypto plummets, as it has during most of 2018 - you get calls to post more collateral or else you simply lose your crypto and are still on the hook to repay the fiat loan.
For the merchants to accept crypto there should be legal clarity as to how they are supposed to enter debits and credits in crypto in their account books. And they need wholesalers to accept crypto or else they'll have to sell the crypto for fiat. And at that point the only cryptos that work are the stablecoins. And if the stablecoins themselves are fully collateralized with fiat (like Gemini dollar and, in theory, Tether) then it's all a zero-sum game.
Just to say that creating a crypto economy is a complicated thing. A fiat credit platform could be useful though, basically any economic activity helps the steem eco-system
Thanks for your thoughts
The "huge" refers to receiving fiat in a bank account in a day or two. Most exchanges take over a week to send fiat.
And although it is true that the owner may lose his/her crypto if the crypto collateral keeps on decreasing in value or if the custodian has a heist, not having to sell your crypto at the bottom of a market is a nice option to have. It also helps to prevent the continuation of bear markets in crypto as would be sellers get loans instead. And the loan interest is tax deductible in many jurisdictions, and one does not have to incur capital gains tax if taking the loan instead of selling the crypto assets.
Of course, but then again, do you really need to take a loan?
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When it comes to merchant tax accounting software that deals with accepting crypto as payment, I think PundiX has one that is integrated in their product/service offering.
My fear is that in many jurisdiction the taxman and the reporting obligations of merchants are not clear when it comes to accounting for crypto. I know that in much of Europe it's a nightmare. Should it go under IFRS 9, IFRS 12 or IFRS 15 ? If you are a merchant and have to pay a consultancy to write an opinion that is not even binding legally, would you go through the pain of doing it? Most merchants bet that they won't be losing much custom by simple refusing to deal with crypto.
I think what's missing is useful new applications such as bitcoin, ethereum and steem which create value for everybody and capture it in the crypto. Cryptos which are "copycats" (Tron, EOS, Tezos all try to be "better Ethereums" for instance) or which focus on doing something from the real world "but with crypto" are less helpful IMO.